Penn Central Railway Company
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Beautifully engraved stock certificate from the Penn Central Railway Company dated no later than 1973. This historic document was printed by the Security Columbian Banknote Company and has an ornate border around it with a vignette of the Greek God Mercury running with a train, airplane and city in the background. This item has the printed signatures of the Company's Chairman of the Board.
The Penn Central Railway Company was formed by the merger of the Pennsylvania Railroad and the New York Central in 1968, Penn Central became a major player in the national railroad industry. However, the newly formed company had taxes, interest and rents to pay - a total of $248,000,000.00. Also due were payments on outstanding bonds, equipment contracts, and additional sales agreements totaling $1,800,000,000.00. When Penn Central asked the Nixon administration for the governments help with a proposed $200,000,000.00 emergency loan guarantee, Congress pressured against it. With no alternative, the company then sought the protective measures of bankruptcy.